| T&Q Week In Review | Find out what you missed! | | | | | | Markets spent the week navigating a tape that refused to pick a direction. Nvidia's earnings delivered the cleanest signal of the month, but even that catalyst couldn't hold the indices together. | The Nasdaq swung more than a thousand points intraday on Thursday, opening with an AI-fueled surge and closing at the lows as traders shifted from enthusiasm to valuation discipline in real time. The S&P 500's two-hundred-plus point reversal underscored how fragile risk appetite remains when the macro scaffolding is incomplete. | The delayed September jobs report added another layer of ambiguity. Payrolls came in nearly double expectations at 119,000, but the unemployment rate ticked up to 4.4 percent, the highest since 2021. Wage growth held at 3.8 percent year over year, keeping real incomes positive, but the mixed signal did little to clarify the path for December. | With October's labor and inflation releases officially gone, the Fed entered the weekend with only partial visibility, and rate-cut odds drifted below 45 percent before rebounding after remarks from Williams. | Sector rotation ruled the week. Homebuilders surged as yields fell toward 4.07 percent on Friday, while mega-cap AI stayed volatile. | Alphabet emerged as the standout performer, while Nvidia and AMD saw heavy two-way trading as the market reassessed the slope of future growth. | Bitcoin slid below eighty-four thousand and closed the week deeply negative, reinforcing the overall defensiveness in high-beta corners. | Breadth weakened throughout the week, volatility climbed to its highest level since April, and liquidity thinned across the afternoon sessions. By Friday's close, markets had regained some footing, but the tape ended the week still working through the same challenge it began with: too little data, too much uncertainty, and a valuation structure that needs clarity to sustain direction. |
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| | | | | | | | The shortened Thanksgiving week brings a dense run of releases that will help rebuild the macro picture one brick at a time. With October inflation still missing and the labor data pipeline disrupted, traders will lean heavily on whatever pieces arrive. | Producer Price Index data is expected to offer the most complete inflation signal of the month, while Retail Sales will provide a real-time read on the consumer heading into the holiday period. S&P and Case-Shiller home price data, Pending Home Sales, and the latest existing-home inventory metrics will give much-needed insight into a housing market that has been trading mostly on rate expectations in recent weeks. | Durable Goods Orders and the Chicago PMI will help gauge momentum in the industrial and manufacturing complex, where earlier regional surveys have shown softening but not contraction. Initial Jobless Claims will remain a focal point as well, with last week's uptick in unemployment making every labor datapoint more sensitive to interpretation. | Earnings slow but remain important. Dell, Autodesk, Workday, and Deere headline a slim calendar, each offering a different lens on enterprise spending, cloud budgets, and capital-goods visibility into year-end. | With AI and software names driving index behavior and industrials becoming a more active part of the macro debate, these four prints carry more weight than the calendar suggests. | The week is short, the liquidity will be thin, and positioning will dominate the narrative. But taken together, the data slate should finally offer some contour to a market that has spent most of November operating without a complete set of inputs. It won't provide every answer, but it will begin to restore the map traders need. |
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